VAALCO Energy, Inc. announced that it has executed an agreement with Transocean Ltd. regarding the remaining contract term associated with the Constellation II rig utilized in the company’s recent drilling program offshore Gabon which provides for payment of $5.1 million net to VAALCO’s interest for unused rig days under the contract.
This amount, plus the company’s share of demobilization charges, will be paid in seven equal monthly installments beginning in July, according to a press release.
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